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Economics Questions On Unit 5

1. The document contains questions about economics concepts such as costs, production stages, and accounting versus economic costs. 2. It includes true/false questions and multiple choice questions about costs like total, average, and marginal costs as well as the stages of production. 3. There is also a table to complete about output, total fixed costs, average fixed costs, total variable costs, average variable costs, total costs, average total costs, and marginal costs. 4. Short answer questions define the difference between accounting and economic costs and identify marginal cost as the change in total cost.

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3K views2 pages

Economics Questions On Unit 5

1. The document contains questions about economics concepts such as costs, production stages, and accounting versus economic costs. 2. It includes true/false questions and multiple choice questions about costs like total, average, and marginal costs as well as the stages of production. 3. There is also a table to complete about output, total fixed costs, average fixed costs, total variable costs, average variable costs, total costs, average total costs, and marginal costs. 4. Short answer questions define the difference between accounting and economic costs and identify marginal cost as the change in total cost.

Uploaded by

Helina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

I

.Tr
ue/
fal
se

1.Whent
het
otal
productdecr
easemar
ginal
productal
sodecr
eases.

2.Theshor
trunAC,
AVCandMCar
eal
lU-shaped.

3.I
mpl
i
citcost
sar
epr
act
ical
l
ythesamewi
thoppor
tuni
tycost
.

4.Thedecr
easei
ninputhol
dingt
hequant
it
iesofot
herf
act
orsconst
anti
ster
medasmar
ginal
product
.

I
I.Choi
ce

5.Whenanoutputi
sdecl
i
ning,
var
iabl
ecost
sar
e__
___
___
_

A,
decr
easi
ng. B,
incr
easi
ng. C,
const
ant
. D,
noneoft
heabov
e

6.Whi
choft
hef
oll
owi
ngi
snoti
ntangi
bleout
put
?

A.Cash B.Repai
r C.I
nsur
ance. D.Educat
ion

7.Whi
chst
ageofpr
oduct
ioni
sthemostef
fi
cient
?

A.St
ageI B.St
ageI
I C.St
ageI
II D.Al
l

I
II
.Wor
kout

8.Compl
etet
hef
oll
owi
ngt
abl
e.

Out
put TFC AFC TVC AVC TC ATC MC

0 50 0 50

1 50 10 60

2 50 15 65

3 50 20 70

4 50 30 80

I
V.Shor
tanswer
s.

9.Whati
sthedi
ff
erencebet
weenaccount
ingcostandeconomi
ccost
?

10.Whati
stheot
herv
alueofmar
ginal
cost
?
Answer
s

1.Fal
se

2.Tr
ue

3.Tr
ue

4.Fal
se

5.A

6.A

7.A

8.

Out
put TFC AFC TVC AVC TC ATC MC

0 50 - 0 - 50 - -

1 50 50 10 10 60 60 10

2 50 25 15 7.
5 65 32.
5 5

3 50 16.
6 20 6.
6 70 23.
3 5

4 50 12.
5 30 7.
5 80 20 10

9.Account
ingcosti
sthemonet
aryv
alueofal
lpur
chasedi
nput
susedi
npr
oduct
ion.

Economi
ccosti
sthesum ofi
mpl
i
citandexpl
i
citcost
s.

10.Thechangei
ntot
alcost

Gr
oupMember
s

1.Et
subYewondwossen

2.Hel
i
naShi
gaze

3.KenaGi
ragn

4.Ti
rsi
tGet
achew

5.Tsedeni
aMekonnen

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